Intraday Update: Nigerian Stocks Down -0.42% on Sell-Offs in Banking Counters

August 31, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange all-share index (NSEASI) as at midday Friday is down -0.42 percent and driven by sell-offs in Banking counters.

InvestmentOne reports that market movers are Chams Plc and Diamond Bank Plc; both down -8.82 percent and -7.14 percent each, while insurer, AIICO Insurance Plc and beer producer, International Breweries Plc both are up +9.33 percent and +6.25 percent respectively.

In terms of sector performance, the Banking index has plunged -2.80 percent, while the Consumer Goods index is up +0.54 percent, the Industrial and Oil & Gas indices have appreciated+0.35 percent each.

InvestmentOne reports that market activity in Friday’s early trade, while total volume declined by 41 percent, total value jumped 162 percent compared to this time on Thursday, as investors have exchanged 79 million units of shares worth N1.94 billion.

According to the report, Stanbic IBTC with a decline of -0.53 percent is the most actively traded stock with 18 million units of shares accounting for about 23 percent of total volume. 

“Likely close: In the absence of a significant gain in DANGCEM, we may see the market close down today if the sell-off in Banking sector continues,” the InvestmentOne report affirmed.

 

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